Since the emergence of Bitcoin in 2009, cryptocurrencies have made quite the impact on economies worldwide. BTC has attracted influential supporters, along with numerous skeptics and naysayers.
These are exciting times for the world’s leading cryptocurrency, as well as most altcoins. Prices of these digital assets have continued to surge over the past weeks. However, owing to several reasons, crypto attracts hate in equal measure to praise.
Earlier on Wednesday, JPMorgan Chase CEO Jamie Dimon expressed his continued disinterest in Bitcoin. He said, “it’s not my cup of tea.” A fairly meek sentiment, given some of his precious comments regarding Bitcoin.
Apart from Dimon, who believes cryptocurrenciess are fraudulent, other naysayers have several reasons to fuel their hate. Some think cryptocurrencies will fund terrorism and money laundering, among other illegal activities. Others blame volatility for their hatred, whereas a small minority worry about the environmental impact.
Below are five prominent people and why they hate Bitcoin.
Buffett, no doubt, remains one of the most highly revered investors of our time. However, the gold bug is not onboard to stake anything in BTC. According to CNBC, the Berkshire Hathaway CEO warned interviewers to “stay away” from Bitcoin, as it is merely “a mirage.” While Buffett recognizes the cryptocurrency’s convenience, he doesn’t find it to be a worthy nor secure investment.
Since Bitcoin’s emergence, Buffett has continued to condemn the crypto. He says that he will never own Bitcoin, not even a small amount.
Krugman is an esteemed economist and columnist for The New York Times. The economic professor is entirely unimpressed with the positive kudos to Bitcoin. Krugman believes that, to be successful, money must be both a medium of exchange and a reasonably stable store of value. He discloses that he remains completely unclear why cryptocurrencies should be a regular store of value.
Krugman laments why he can’t seem to get a straight answer from investors as to how Bitcoin is a “reliable store of value.” Truth be told, he doesn’t seem to be trying to consider the possibility either.
The JP Morgan CEO continued to express his disgust for cryptocurrencies last Wednesday. Dimon has always highlighted that Bitcoin is a fraud, and it would eventually blow up.
Dimon says Bitcoin mania is reminiscent of the tulip bulb craze in the 17th century when contract prices for some fashionable tulip bulbs reached extraordinarily high levels and then dramatically collapsed in February 1637.
The CEO firmly believes Bitcoin is worse than tulip bulbs, and someone can get killed for it. Dimon also said he’d “immediately fire” any JPMorgan trader who was trading cryptocurrency, noting two reasons: “It’s against our rules, and they are stupid.”
Dimon is believed to hate cryptocurrencies because he is a banker. Generally, bankers are considered to be afraid of Bitcoin. No one really knows what makes him tick, however.
Howard Marks is the co-founder and co-chairman of Oaktree Capital Management. The billionaire says that Bitcoin is more of a commodity than a currency, saying “currencies don’t go up 85 times in a year”.
Although he acknowledges he is old schooled and won’t understand Bitcoin, he gets confused about what’s behind Bitcoin. More specifically, he is uncertain what gives it value, if any at all.
Marks also went on record to state Bitcoin is not real and possibly even a pyramid scheme.
The 45th American President properly addressed his position on Bitcoin and other cryptocurrencies without mincing words.
Trump took to Twitter in 2019 announcing he is not a fan of Bitcoin or other cryptocurrencies. In his opinion, these assets are not money, highly volatile and based on thin air. In 2019, Trump also said that the crypto could facilitate unlawful behaviors like drug trade and other illegals.
Trump dislikes Facebook’s Libra as well, stating that if Facebook wants to become a bank, then, they must seek a banking charter and be subject to banking regulations.
Unsurprisingly, he hypes the US dollar, stating that it is the only real currency that is strong, dependable, and reliable. According to him, the greenback is the most dominant currency globally.
The List Goes on
The list of individuals opposed to Bitcoin and altcoins is very lengthy. Peter Schiff, Mark Cuban, David Gerard, Jim Rogers, and Ray Dalio are some of the other prominent individuals who dislike Bitcoin.
In the end, everyone is entitled to their own opinion. There is no right or wrong, regardless of what the Bitcoin price may indicate.